Nancy Pelosi, the Speaker of the House, could end up making quite a sum of money via a piece of upcoming legislation which is attempting to help prop up the U.S. semiconductor industry. All after her husband exercised shares worth well over $5 million in a California company that could end up being the beneficiary of these subsidies.
Paul Pelosi, who recently found himself in police custody due to driving drunk back in May, exercised over 20,000 shares in one Santa Clara-based company, Nvidia. The move was brought to light via a disclosure that was filed by Nancy Pelosi herself to the House of Representatives this past week which was first reported on by the Daily Caller.
“Obviously, Speaker Pelosi would be aware of the timing of this legislation over in the Senate,” explained Rep. Ralph Norman (R-SC) to the Daily Caller. “On the heels of that vote, for anyone in her orbit to purchase seven-figures worth of stock of an U.S.-based chip manufacturer just reeks of impropriety.”
Just a year ago, Paul Pelosi purchased a few million worths of stock in Nvidia as the Senate considered future subsidies for the U.S. Semiconductor industry, but the House never agreed to carry out such a piece of legislation.
Worth over a combined $100 million by some estimates, the Pelosis have been hounded by claims that these investments from Paul Pelosi often seem integrity tied to legislation being taken up by the House, whose current majority is controlled by none other than Nancy Pelosi herself. Even quite a few Democrats have sounded the call for more heavy-handed restrictions around stock dealings by family members of those currently serving in the House or Senate, but Pelosi has been vocally against any such reforms.
The bill being talked over within the Senate is a more streamlined version of the one that it passed late last year that the House chose to not continue with. That bill included over $52 billion in chip subsidies and another $200 billion to assist in the boosting of U.S. technological and scientific innovation in order to stand against China.
Voting surrounding this new version of the bill could end up starting within the Senate as soon as this coming Tuesday, as reported by Reuters. The bill would include multiple billions of dollars in subsidies for the semiconductor industry and an investment tax credit to amp up U.S. manufacturing.
— Jim Michael (@jimmichael720) July 17, 2022
Legislators still want to send the bill off to President Joe Biden before the scheduled recess back in August.
“We want as robust of a bill as possible,” explained U.S. Commerce Secretary Gina Raimondo to the press in the wake of a closed-door briefing with quite a few members of the House of Representatives.